Currently browsing Budget and Economy Archives
Ouch
Governor Schwarzenegger has now told California how bad its economy is and, as a consequence, how ugly the state budget is going to be.
In the current budget year, which ends June 30, 2009, revenues are $11.2 billion short of spending commitments. For the following fiscal year beginning July 1, 2009, revenues are expected to be $13 billion short. Read more »
Budget Badness Postscript — The Face of California’s Economy
To put a more human face on the October 27 posting on the state budget:
The landlord of California’s Capitol, is an education lobbying firm. It is in the process of hiring a new receptionist. An ad was placed on Craigslist.
They stopped counting after 298 applicants. Of the 298, 200 were logged in just 24 hours. Read more »
A Quick Look at How Truly Awful the Budget Is Going To Be
Recently, representatives of the Schwarzenegger administration told Wall Street investors that, absent corrective action, California’s budget would have a $3 billion gap between revenues and spending commitments by June 30, 2009.
That estimate was ridiculously low. The governor acknowledged as much after a meeting with legislative leaders on October 27. Senate President Pro Tempore Don Perata, D-Alameda, said afterward this year’s gap is closer to $10 billion. Read more »
Possibly the Funniest State Budget Column Ever
http://www.independent.com/news/2008/aug/28/grinch-who-stole-sacramento/ Read more »
Welcome To The New Fiscal Year. Same As It Ever Was
Say good-bye to California’s 2007-2008 fiscal year. It ends June 30. At midnight, the 2008-2009 fiscal year begins.
It begins as last year’s did – without a budget. Last year, a budget wasn’t passed until August 24, 55 days into the new fiscal year.
The constitution requires the Legislature to send a budget to the governor by June 15 so he can work it over, sign the thing, and have a spending plan in place by July 1 to dictate, in this instance, how more than $144 billion in revenue and bond funds get spent. Read more »
Conference Committee Convenes
Three days before the often-missed June 15 deadline for sending a completed budget to the governor, the Legislature convened the special six-member, two-house conference committee that stitches together the state’s phone-book-and-a-half size spending plan.
It’s a laborious and often-tedious job reconciling the budget prepared by the Senate with that of the Assembly and then turning it into one document. Read more »
The Only Thing New In The World Is The History You Don’t Know
A quarter century ago, another GOP governor, George Deukmejian, faced a fiscal crisis eerily similar to the one Gov. Arnold Schwarzenegger will attempt to solve when he issues his May Revision on Wednesday the 14th.
Smart and respected folks have urged Schwarzenegger to take the kind of action Deukmejian’s successor Pete Wilson did and raise taxes. Read more »
RESOLVE NOT TO REVISE
On Wednesday, Gov. Arnold Schwarzenegger will present his May REVISION.
It is not a revise.
Nor has it ever been.
Revise, according to the Free On-Line Dictionary – in complete harmony with Funk & Wagnall’s, Webster’s and the venerated OED – is defined as:
1. To prepare a newly edited version of (a text). Read more »
More Good Budget News
The Horseshoe, as insiders call the governor’s office, has to be happy. So does the Legislature.
With one more day to go, personal income tax collections for April stand at $12.6 billion — $500 million more than the Schwarzenegger administration predicted in the governor’s January budget plan.
Although the better-than-anticipated receipts won’t erase the state budget’s $7.4 billion gap between revenue and spending commitments, the additional cash will cause that fiscal hole to not grow as much as budget analysts previously expected. Read more »
April Tax Collections Make Budget Woes Slightly Less Bad
The sigh of relief by the Schwarzenegger administration over the past weekend’s record $2.8 billion in April tax collections could easily have been heard upstairs in the Legislature.
While the state’s deteriorating economy will likely drive the existing $7.4 billion budget shortfall to more than $10 billion when the GOP governor unveils his revised spending plan in May, less-than-predicted tax receipts in April – the state’s biggest revenue month – would have significantly worsened the problem. Read more »
- Capitol Cliches (16)
- Conversational Currency (3)
- Great Moments in Capitol History (4)
- News (1,288)
- Budget and Economy (383)
- California History (139)
- Demographics (11)
- Fundraising (74)
- Governor (122)
- Legislature/Legislation (270)
- Politics (173)
- State Agencies (38)
- Opinionation (36)
- Overheard (246)
- Today's Latin Lesson (45)
- Restaurant Raconteur (21)
- Spotlight (110)
- Trip to Tokyo (8)
- Venting (184)
- Warren Buffett (43)
- Welcome (1)
- Words That Aren't Heard in Committee Enough (11)
© 2007-2024 californiascapitol.com | Website design by BKB Design Group | Header desgin by Joan Guelden